Page 410 - Ministry of Economy - December 2017

12/25/2017 Fine of Dh100,000 on retailers using VAT to raise product prices | News | UAE | WAU
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According to Al Bayan newspaper, the Ministry of Economy stressed that it will slap a huge penalty on those who try to make an
extra buck on the pretext of VAT.
VAT in UAE: How it will impact your pocket?

The ministry sounded this stern warning on Sunday.
Dr Hashim Al Nuaimi, director of the consumer protection department, said that in cooperation with other nancial bodies in the
country, the ministry has established a committee to monitor the markets before and after the implementation of VAT on January 1,
2018.

VAT in UAE: Will middle class feel taxed?
He added that the panel will conduct surprise inspections to ensure the implementation of VAT as well as the selective tax.
Immediate action would be taken if the committee detects any violations, Al Nuaimi pointed out.
He stressed that the consumer protection law determines that the ne of raising the prices beyond VAT limit would be Dh100,000.

 Source: khaleejtimes (https://www.khaleejtimes.com/business/vat-in-uae/ ne-of-dh100000-on-retailers-using-vat-to-raise-product-
prices)

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